BIG - Is Big Lots Really Shifting Gears After Q2? Analyst Weighs In | Benzinga
Telsey Advisory Group analyst Joseph Feldman reiterated a Market Perform rating on Big Lots, Inc. (NYSE: BIG), raising the price target to $8.50 from $6.
The company recently reported second-quarter FY23 sales decline of 15.4% year-on-year to $1.14 billion, beating the consensus of $1.10 billion.
Following Q2 results, the analyst thinks Big Lots is shifting to offense after being on defense for the past several quarters related to the harsh macro environment and inflation—reflected in the guidance for 2H23.
According to the analyst, Big Lots' Q2 results were slightly better than expected but were weak on an absolute basis.
The decline to last year was driven by a comparable sales decrease of 14.6%.
The analyst adds ...